Random thought: What's with this idea of taxing money that's already been taxed? Isn't that a constitutional violation, like double jeopardy or something?
Something to watch out for in the near future, under any administration, is a national "Value Added Tax" (VAT). Especially if no pass through credit system is included....such it was not in Michigan's "Single Business Tax" (only recently dropped) where, plain and simple, labor expense/cost was not deductible, it was taxed as part of revenue. Sales Tax was then also applied by the ultimate vendor for a product....tax on a tax, see? Never mind the redundancy of various "personal property taxes" that tax the same thing repeatedly every year.
In my opinion, all VAT schemes are politicians' perfect taxes ... they are owed in gain years and also loss years, which is illogical, since in a loss year there is no excess revenue to pay the tax with ...ah, ha!!...it is intended that business pay said tax from equity or retained earnings from prior periods. Ultimate redistribution scheme much?
Yes, we already have that in Canada Aridog. It's called the GST (Goods and Services Tax) which is over and above the Provincial Sales Tax (tax on tax).
Friedman's so cool. He blinds them with logic.
ReplyDelete100% inheritance tax, yeah, that's the ticket!
Random thought: What's with this idea of taxing money that's already been taxed? Isn't that a constitutional violation, like double jeopardy or something?
ReplyDeleteNow I have Thomas Dolby in my head, lol.
ReplyDeleteWhat's with this idea of taxing money that's already been taxed?
Well, they do that all the time, right? Capital gains and death tax to name a couple.
Right florrie. Taxes on tax, on a tax, on a levy, on a surcharge that's taxed, on a fee that's taxable...pffffft!
DeleteIf it moves, let's tax it! If it doesn't move let's tax it more!
Something to watch out for in the near future, under any administration, is a national "Value Added Tax" (VAT). Especially if no pass through credit system is included....such it was not in Michigan's "Single Business Tax" (only recently dropped) where, plain and simple, labor expense/cost was not deductible, it was taxed as part of revenue. Sales Tax was then also applied by the ultimate vendor for a product....tax on a tax, see? Never mind the redundancy of various "personal property taxes" that tax the same thing repeatedly every year.
DeleteIn my opinion, all VAT schemes are politicians' perfect taxes ... they are owed in gain years and also loss years, which is illogical, since in a loss year there is no excess revenue to pay the tax with ...ah, ha!!...it is intended that business pay said tax from equity or retained earnings from prior periods. Ultimate redistribution scheme much?
Yes, we already have that in Canada Aridog. It's called the GST (Goods and Services Tax) which is over and above the Provincial Sales Tax (tax on tax).
DeleteI'd love to know what that kid is doing now, whether he has children/grandchildren, and what provisions he's made for them after his death.
ReplyDelete100% death tax? Really?
I LOVE these clips Matt!
Here he is lr:
Deleteimgw:"http://blogs.telegraph.co.uk/news/files/2011/05/jay-carney-460.jpg"
LMAO! Perfect Fay! :))
DeleteFriedman's remarks are so refreshing. It would be nice if they were just the same things we heard every day, but unfortunately they aren't.
ReplyDelete